We wish to simplify the latest Guidelines of IRDAI on Motor Insurance considering your busy schedule:
For all existing renewals and fresh business for vehicles registered up to 31st August 2018. Motor Comprehensive Insurance i. One year own vehicle damage and one year Third Party Insurance.
No Change in the Existing Price, Term, and Conditions.
For all new vehicles registered on or after 1st September 2018
Two Wheeler:
Motor Comprehensive Insurance - One Year Own Vehicle Damage and Five years Third-Party Insurance as per IRDA Guideline. Own Vehicle Damage is renewable on yearly basis ( Further details are awaited from the Regulator)
Four Wheeler:
Motor Comprehensive Insurance - One Year Own Vehicle Damage and Three years Third-Party Insurance as per IRDA Guideline. Own Vehicle Damage is renewable on yearly basis ( Further details are awaited from the Regulator)
Difference between the existing system and New Guidelines of IRDAI:
All existing Registered Vehicles and their renewals - NO Change
Only the vehicles registered on or after 1st September 2018 would be covered under the new provisions.
Price Difference:
Own Vehicle Damage - No Difference.
Third Party Premium :
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THE NEW INDIA ASSURANCE COMPANY LTD
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Existing Third Party Premium Comparison Vs Long Term Premium
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Amendement as per IRDAI/NL/CIR/MOT /08/2018 28TH AUG 2018 for NEW Vehicles registered on
or after 1st September 2018
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Sl. No.
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Cubic Capacity of the Vehicle
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Vehicle
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No of years
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Existing TP Premium excluding GST
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No of years
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Long Term TP Premium excluding GST
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1
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Not exceeding 75 CC
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Two Wheeler
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1
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427
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5
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1,045
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2
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76 CC to 150 CC
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Two Wheeler
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1
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720
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5
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3,285
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3
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151 CC to 350 CC
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Two Wheeler
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1
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985
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5
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5,453
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4
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Exceeding 350 CC
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Two Wheeler
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1
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2,323
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5
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13,034
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5
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Not exceeding 1000 CC
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PVT CAR
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1
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1,850
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3
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5,286
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6
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1001 CC TO 1500 CC
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PVT CAR
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1
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2,863
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3
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9,534
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7
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Exceeding 1500 CC
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PVT CAR
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1
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7,890
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3
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24,305
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